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IV. V. ATTY/AGR/2006.021 050106 B. Liquidated Damaqes 1. City and Contractor recognize that time is of the essence of this Agreement and that City will suffer financial loss in the form of lost revenues, contract administration expenses (including project management and consultants' expenses), delay and loss of public use, if the Work is not completed within the time specified in paragraph IILA.1 above plus any extensions thereof allowed in accordance with the Contract Documents. Consistent with Section 00700 (General Conditions), Contractor and City agree that because of the nature of the Project, it would be impractical or extremely difficult to fix the amount of actual damages incurred by City because of a delay in completion of the Work. 2. Accordingly, City and Contractor agree that Contractor shall pay City Five Hundred and No/100 Dollars ($500.00) for each Day that expires after the time specified in Paragraph IILA.1 of this Document 00520 for Contractor to achieve Substantial Completion, until such date as contractor achieves Substantial Completion. C. Liquidated damages for delay shall only cover and be in lieu of the actual damages suffered by City as a result of delay referenced above. Liquidated damages shall not cover the cost of completion of the Work, damages resulting from defective work, cost of temporary replacement facilities, damages suffered by others who then seek to recover their damages from City (for example, delay claims of other contractors or subcontractors), and defense costs thereof. CITY'S ENGINEER AND REPRESENTATIVES Reserved CONTRACTOR'S REPRESENTATIONS AND WARRANTIES In order to induce City to enter into this Agreement, Contractor makes the following representations and warranties: A. Contractor has visited the Site and has examined thoroughly and understood the nature and extent of the Work, Site, locality, actual conditions, as built conditions, and all local conditions and federal, state and local laws and regulations that in any manner may affect cost, progress, performance or furnishing of Work or which relate to any aspect of the design and the means, methods, techniques, sequences or procedures of construction to be employed by Contractor and safety precautions and programs incident thereto. B. Contractor has examined thoroughly and understood all reports of exploration and tests of subsurface conditions, drawings or reports, available for design and construction purposes, of physical conditions, or which may be apparent at the Site and accepts the determination set forth in these documents and Section 00700 (General Conditions) of the limited extent of the information contained in these documents upon which the Contractor may be entitled to rely. Contractor agrees that except for the information so identified, Contractor does not and shall not rely on any other information contained in these documents. C. Contractor has considered the physical conditions at or contiguous to the Site or 2